Georgia Supreme Court Rules on Amendments to Cobb EMC’s Bylaws
Posted on Jun 13, 2011 in Corporate Governance, Litigation | Comments Off on Georgia Supreme Court Rules on Amendments to Cobb EMC’s Bylaws
On Monday, the Georgia Supreme Court ruled that the president and directors of the Cobb Electric Membership Corporation violated a settlement agreement with coop members by amending its bylaws to allow voting by proxy in 2008. The Court concluded that the challenged bylaw amendment allowed the board to unilaterally change the method of voting on the issue of the method of selecting directors, which was a core issue addressed by the settlement agreement. The Atlanta Journal Constitution has the full story and the full opinion of the Court can be found here.
